It only took us 25 years of marriage learning from financial mistakes to figure out what we need to do to pay off expensive purchases quickly. Plus the fact that we have only one child still semi-dependent on us instead of 6 totally dependent children, and a higher income thanks to more years on the job, means more money available. So, last July, when we decided to purchase a newer truck, we had a payment plan worked out.
1) Find the lowest interest rate (our credit union)
2) Make a large downpayment (thanks to money in savings - It was an "OUCH" moment to use it but we realized the interest rate we were receiving was WAY lower that what we would be paying out)
3) Finance for 4 years so the monthly payments would be manageable should an unforseen emergency arise (Rod's motorcycle accident)
4) Make additional payments when we can.
Results: Original $21,000 final purchase price paid off in 9 months!!!!!
Now, those "Payments" will start going back to us.
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